HomeMy WebLinkAbout08-022 CITY OF LAKEVILLE, MINNESOTA
RESOLUTION NO. 08-22
A RESOLUTION CALLING FOR A PUBLIC HEARING
ON A PROPOSAL FOR A PRIVATE SCHOOL FACILITY PROJECT
PURSUANT TO MINNESOTA LAW, AND AUTHORIZING
.THE PUBLICATION OF A NOTICE OF THE HEARING
WHEREAS, Minnesota Statutes, Sections 469-152 through 469.165 (the "Act"}, gives
municipalities the power to issue revenue bonds for the purpose of the encouragement and
development of economically sound industry and commerce to prevent so far as possible the
emergence of blighted and marginal lands .and areas of chronic unemployment; and
WHEREAS, the City Council of the City of Lakeville, Minnesota (the "City"), has
received a proposal from All Saints. Church of Lakeville, Dakota Co., Minnesota. (a/k!a All
Saints Catholic Church), a 541(c}(3) non-profit Minnesota religious corporation (the
"Borrower"), that the City assist in financing the non-religious portion of a school project,
through the issuance of its private school facility revenue bonds (which may be in the form of a
single debt instrument) (the "Bonds") pursuant to the Act; and
WHEREAS, before proceeding with consideration of the request of the Borrower it is
necessary for the City to hold a .public hearing on the proposal pursuant to Section 469.154,
Subdivision 4, of the Act; and
WHEREAS, Briggs and Morgan, .Professional Association, Minneapolis and St. Paul,.
Minnesota, acting as bond counsel ("Briggs"} prepared a notice of public hearing describing the
general nature of the proposal and an estimate of the principal amount of Bonds to be issued to
finance the proposal in the form attached hereto as Exhibit A;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lakeville,
Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time and
place set forth in the notice of public hearing hereto attached.
2. A draft copy of the proposed application to the Commissioner of the Department
of Employment and Economic Development, State of Minnesota, forapproval of
the project, together with proposed forms of all attachments and exhibits thereto,
shall be placed on file in the office of the Clerk or other appropriate City staff
members upon publication of the notice of public hearing.
3. The Finance Director and other. appropriate City staff is hereby authorized and
. directed. to cause the notice of the public hearing to be published once in the
official newspaper of the City, a newspaper of general circulation available in the
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City, not less than 14 days nor more than 30 days prior to the date fixed for the
hearing, substantially in the form of the attached. notice of public hearing.
4. Briggs and Morgan, Professional Association, acting, as band counsel is
authorized to prepare the draft .copy of the proposed application to the
Commissioner of the Department of Employment and Economic Development,
together with .all attachments and exhibits thereto and to prepare, and assist in the
preparation of, all resolutions and documents relating to the issuance of the
Bonds.
Adopted this 19~' day of February, 2008, by the City Council of the City of Lakeville,
Minnesota.
ATTEST:
j
Ho y Dahl, a or
Charlene Friedges, City erk
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• Exhibit A
NOTICE OF PUBLIC HEARING
ON A PROPOSAL. FOR A COMMERCIAL
FACILITIES DEVELOPMENT PROJECT
Notice is hereby given that the City Council of the City of Lakeville, Minnesota (the
"City"}, will meet at the Council Chambers of City Hall, 20195 Holyoke Avenue in the City at
7:00 p.m. on Monday, March 17, 2008, to consider the proposal of All Saints Church of
Lakeville, Dakota Co., Minnesota, a Minnesota nonprofit religious corporation (also known as
the All Saints Catholic Church) (the "Borrower"), that the City allow the financing of the non-
religious .portions of the constructing and equipping a new school facility for kindergarten
through 8th grade known as All Saints School, owned and operated by the Borrower and located
in the City at 19795 Holyoke Avenue, Lakeville, Minnesota 55044-8816 (the "Project") through
the issuance of revenue bonds, the proceeds of which will be loaned to the Borrower to refinance
(by prepaying existing debt incurred by the Borrower to pay) a portion of the costs of the Project
and will be repaid by the Borrower.
The maximum aggregate estimated principal amount of bonds or other obligations to be
issued to finance or refinance the Project is $2,000,000.
The bonds or other obligations if and. when issued will not constitute a charge, lien or
• encumbrance upon any property of the City and such bonds or obligations will not be a charge
against the City's general credit or taxing powers but will be payable from sums to be paid by the
Borrower pursuant to a revenue agreement.
A draft copy of the proposed .application to the Commissioner of the Department of
Employment and Economic Development, State of Minnesota, for approval of the projects,
together with all attachments and exhibits thereto, is available for public inspection from 8:00
a.m. to 4:30 p.m., Monday through Friday, at the City Hall in the City.
Comments concerning these applications may be presented at .the publichearing or filed
with the City Finance Director until 4:30 p.rn. on the day. of the hearing. Each response will be
considered before any formal action is taken by the City Finance Director. If there are questions
concerning these applications call the City Finance Director at (952) 985-4481.
Dennis Feller, Finance Director
Dated this 20`x' day of February, 2008.
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